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Monetary policy in a channel system
JournalArticle (Originalarbeit in einer wissenschaftlichen Zeitschrift)
 
ID 41611
Author(s) Berentsen, Aleksander; Monnet, Cyril
Author(s) at UniBasel Berentsen, Aleksander
Year 2008
Title Monetary policy in a channel system
Journal Journal of monetary economics
Volume 55
Number 6
Pages / Article-Number 1067-1080
Keywords Monetary policy, interest rates, Search
Abstract Channel systems for conducting monetary policy are becoming increasingly popular. Despite its popularity, the consequences of implementing policy with a channel system are not well understood. We develop a general equilibrium framework of a channel system and study the optimal policy. A novel aspect of the channel system is that a central bank can 'tighten' or 'loosen' its policy without changing its policy rate. This policy instrument has so far been overlooked by a large body of the literature on the optimal design of interest-rate rules. (C) 2008 Elsevier B.V. All rights reserved.
Publisher Elsevier
ISSN/ISBN 0304-3932
edoc-URL http://edoc.unibas.ch/dok/A5248798
Full Text on edoc No
Digital Object Identifier DOI 10.1016/j.jmoneco.2008.07.002
ISI-Number 000260692000005
Document type (ISI) Article
 
   

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